Lord Heseltine this week recalled how he once partially choked a family pet that attempted to bite. The dog survived the incident but was put down by a vet the following day.

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Mr Johnson drew laughter when he described his experience following the June referendum on EU membership as being similar to that of the dog concerned.

Mrs May, who beat Mr Johnson to the leadership but then surprised many by giving him a senior ministerial post, then continued the joke in her own speech. "Boris, the dog was put down... when its master decided it wasn't needed any more," she said.

Photo of the Year: Theresa May in hi-vis jacket getting award from Osborne. Then reprimands Boris Johnson pic.twitter.com/nryQHzDloS

The Prime Minister also targeted Sir Craig Oliver, Mr Cameron's former press chief. Sir Craig was knighted in a resignation honours list that saw Mr Cameron accused of handing out titles to his cronies.

Other recipients of honours from Mr Cameron included his wife's personal stylist.

Sir Craig recently published a diary of the EU referendum campaign in which he recounts being physically sick on learning the referendum result.

Mrs May used that account to ridicule Sir Craig, who was in the audience at the dinner. Referring to him vomiting, the Prime Minister said: " I have to say I think we all know that feeling – most of us experienced it too when we saw his name on the resignation honours list."

Boris refers to Heseltine's mother's dog being strangled. Osborne looks at him with a mysterious glint in his eye pic.twitter.com/c7AE0oVvNH

In another joke at Mr Osborne's expense, the Conservative party leader alluded to his tactics in the referendum campaign.

"I'm particularly pleased to receive the award from George because I gather that when it came to the voting it actually got very tight and I owe it to George," she said. "He just nudged me over the line because he told all the other members of the jury that if they didn't vote for me the economy would collapse and World War Three would start."

Mr Osborne, who voted to remain in the EU and has seen several of his flagship policies dismantled by Mrs May has stayed relatively quiet about the new government but friends expect him to become a more vocal commentator on Mrs May's administration in the coming months.

Boris Johnson at Spectator Parliamentarian of the Year AwardsCredit:
Alan Davidson/Silverhub

In his speech, Mr Osborne hinted that he believes his political career is far from over and he will play a more active political role in future.

"Parliament is the place where you can make a difference, and that is why I intend to stay there," he said.

He joked that Mr Cameron had "disappeared" from Parliament and left him picking up the pieces after the EU referendum.

"It's traditional for this award to be presented by the winner of last year's politician of the year award - David Cameron. Another example of how he has disappeared and left me holding the baby," he said.